The Mirror speaks to people about how they are coping with the effects of ‘Trumpflation’ and if they are worried about bill hikes
The effects of “Trumpflation” are already being felt by UK households and business owners – with rising fuel and heating oil costs hitting families.
Oil prices have surged following the effective closure of the Strait of Hormuz, with Brent crude hitting $116 a barrel earlier this week. Around 20% of the world’s oil and natural gas normally passes through the strait.
Andrew Henderson, 67, is a retired group sales manager for leisure parks from Prestatyn, north Wales, and a blood circulation condition means he feels the cold more than others.
But he is avoiding putting his central heating on, over fears of rising heating oil prices. Andrew is hoping to make his current supply last until this October and stays in bed to keep warm.
He ordered around 500 litres of heating oil for his home just before the Iran war broke out, at 60p a litre – a price which has since more than doubled.
Andrew is paying for this order in monthly instalments and hopes to clear his bill by October, when he will need to order again.
He told the Mirror: “I’ve not paid for all the oil I had a couple of months ago, because I pay on a monthly budget. I’m just praying I can get to spring… I’ve not ordered since the war broke out. I’ve not been working, I’ve reduced my monthly payment, so I now pay at the moment £60 a month, which isn’t enough. When I was working, I paid £40 a week. My concern is, by October, am I gonna be rid of the outstanding oil bill? In order to not have central heating on, I stay in bed, and I feel guilty.
“If I can then get to a position where I can see survival, it means my next order for oil could be pushed back to October.” He added: “I’ve spent most of the last two years in and out of hospital… fighting to not have both my legs amputated. I’m on prescription drugs due to the procedure I’ve had done so that I don’t clot. One of them is a very powerful blood thinner and you feel any dropping temperature terribly.”
Sir Keir Starmer has announced a £53million support package to help those hit by the sharp increase in heating oil, but it is down to each council to decide who is eligible for the support.
Rising oil prices have also sent prices at the pumps soaring. James Airey, 39, is the owner of landscaping business Lawn and Order in Watford, and is already facing higher costs for petrol and diesel, which is vital for his business.
The latest data from the RAC shows the average price of a litre of diesel at UK forecourts was 185.2p, up 30% since the war started on February 28.
Average petrol prices have reached 154.5p per litre, a rise of 16% over the same period. James estimates he is spending an extra £50 on diesel for his work vans and £30 on petrol for tools.
He said: “If I don’t fill the vans up, or fill the tools up, then I can’t earn a living. Everything smooths out after a while, but I’m really noticing a big difference. I’m laying out about £300 a week before I make anything back. If I work the weekend, which we sometimes will, that’s more money as well.
“If I think ‘no, I can’t pay the extra’ then I lose that whole day’s work, lose my customers, lose my business – so it’s just something you have to overcome.”
On top of this, household energy bills are also expected to rise this summer. Estimates vary but industry experts Cornwall Insight says the Ofgem price cap cap could surge to an annual £1,929 in July.
Mason Newman, 26, is an artist and pub landlord of the Gunmakers Arms in Birmingham, and warned businesses may have no choice but to pass costs on to customers.
He said: “As a pub landlord, you feel every little increase straight away. It’s not just one thing going up, it’s the cost of beer from suppliers, energy bills behind the bar, even the price of a packet of crisps.
“If this so-called ‘Trumpflation’ pushes global prices up further, it’s people like us at the sharp end who take the hit… the reality is, there’s only so much you can pass on to customers before they stop coming in, and that’s the worry for all pubs.
“Regulars are already watching what they spend, students nursing one drink for three hours… especially older ones on fixed incomes. You’re constantly stuck trying not to price people out.”
Prime Minister Sir Keir has previously promised to keep a planned rise in fuel duty from September “under review in light of what’s happening in Iran”.
The Government has also stepped up efforts to help drivers find the cheapest fuel in their area through a price comparison site.
